Exploring the Effectiveness of Narrative Strategy in Brand Building: Insights from Small and Medium-Sized Enterprises

Abstract

ABSTRACT

Storytelling as a tool for branding is a growing strategy within marketing. As a result of an increasingly digital world and highly competitive markets, branding has become essential for small and middle-sized enterprises (SMEs). This thesis aims to examine the research gap within brand development to uncover the impact of narrative strategy, describing the effectiveness among small and medium sized enterprises. A qualitative research framework was conducted to Investigate the narrative practices of seven SMEs in the social entrepreneurship segment, offering a new perspective on strategic management. Hence, providing insight to how storytelling is strategically employed to engage and drive venture growth. The research question addresses how SMEs implement narrative strategies to strengthen their brand identity.

A qualitative case study was conducted through a multi-case analysis to illuminate how SMEs utilize stories to foster brand identity and drive venture growth. Interviews with founders reveal a impact on brand perception and narrative practices. Moreover, a deeper understanding of the storytelling techniques and their practical outcomes. The results of the interviews, along with the findings from the literature review revealed six themes that are central in the context of brand building for SMEs. Moreover, these elements are important in shaping narrative practices that can lead to brand extension success. Despite the use of storytelling, the results revealed a lack in systematics approaches and measurements tools.

The findings observed variations in the implementation and effectiveness of narrative strategy across the different SMEs segments. Those with a more structural approach demonstrated stronger brand loyalty and consumer engagement. This underscores the importance of customized storytelling to drive venture growth. From a managerial perspective, the result provides valuable insight of narrative strategies, and offer strategic guideline for business to leverage more profound and effective storytelling. Implementing narrative strategies more effectively and acknowledging their impacts, SMEs can enhance their market performance and build stronger authentic connections with their stakeholders. Further research should explore the development of systematic approaches and measurement tools to better assess narrative strategy impacts.